DEARER MONEY.

Bay of Plenty Times, Volume XL, Issue 5776, 1 March 1912, Page 5

DEARER MONEY.

Sir .1. Ward laid on the i-'-h1 a paper containing details of the loan of £1,800,000 floated in l.tK»y. Air Allen drew the at mi lion oi Jhe House to the fact llr.it tiv' H'.yh Commissioner's Jotter, covering details, was dated Sept<>uiber 1(^ '''»*{)- ami hud only now been laid bei-re the Mouse. He objeot-d u> J;] I-er ocnt. being: paid m rommi.ssi.in on loans, when there were other cha.-ti-es to be made. Fifteen years ago the Premier himself lloated loans without the umlerwriters.

}lr Newman said money was going to be very much dearer in, the near future and would cost 4 P<--> cent. The Premier should float the loans at 4 percent, now rather thai-/ 5Vi per cent, with all attendant charges ami commissions. The' days when the country could borrow money at '6\ per cent, were over. He cuiiskiereu the country would do >I.>Hter if the loans were floated at par.

Sir .1. Ward pointed out in connection with the criticisms of cost of loans that China and Japan had raised hundreds of millions in loans lately and .Japan had just paid 5.\ per cent. lie consklered some of his .ititics knew as much about raising loans as his i'oot did. No one raiseu loans now without tho assistance of underwriters. He went on to say tie Had supplied more informa-tion and papers than any of his predecessors..-. Lie had never seen the letter from the High Commissioner until just lately, when hv had given orders, seeing the possibility of the very close conclition ot" parties, for all such, papers to be printed ami laid before the House. The paper was laid oil Hit' tablo.